Cardano (ADA) Price Prediction: ADA At Risk of More Losses Below $0.7350

Cardano price started a fresh decline from the $0.820 zone. ADA is now consolidating losses and at risk of more losses below the $0.7350 level.

Cardano price showed signs of weakness and declined sharply from the $0.820 resistance zone. ADA is now consolidating losses and at risk of more losses below the $0.7350 level.

Cardano price encountered resistance after a decent rally and faced hurdles near the $0.820 zone. As reported earlier, ADA formed a short-term top and started a fresh decline, lagging behind Bitcoin and Ethereum, which showed strong gains.

There was a move below the $0.80 and $0.7650 levels. The bears were able to push the price below $0.750. A low was formed at $0.7362 and the price is now consolidating losses. It is well below the 23.6% Fib retracement level of the downward move from the $0.8191 swing high to the $0.7362 low.

Cardano price is now trading below $0.7650 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.750 zone. The first resistance is around $0.7620, followed by a connecting bearish trend line on the hourly chart of the ADA/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.8191 swing high to the $0.7362 low. The next key resistance might be at $0.7680. If there is a close above the $0.7680 resistance, the price could start a strong rally. In that case, the price could rise towards the $0.80 region. Any further gains may call for a move towards $0.850 in the near term.

More Losses in ADA?

If Cardano’s price fails to climb above the $0.7620 resistance level, it could start another decline. Immediate support on the downside is around the $0.7350 level.

The next major support is close to the $0.7320 level. A downside break below the $0.7320 level could pave the way for a test of $0.7150. The next major support is around the $0.70 level, where the bulls may step in.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.7350 and $0.7150.

Major Resistance Levels – $0.7620 and $0.7680.